The Get Rich Slowly Forums

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We have started to formulate our 2012 savings goals but still a work in progress since we are spending quite a bit of time revisiting each number on our annual spending plan (our form of a budget). More details on my blog.

But this is what we are working on so far for 2012:(1) Max out 401ks - $34,000 ($17,000 each)(2) Max out IRAs - $10,000 ($5,000 each).

We finally finalized our goals for 2012, two months into the new year.

$69,000 is a stretch, $9000 more than we saved last year. I also spent quite a bitof time working on our 2012 annual spending plan. Reworked it, checked the numbers, etc. I'm still tweaking, and plotting and planning how we can save more, but the plan is generally done. I'm thinking that the extra $9000 is going to come from our reduction in eating out and order in. I've been making progress on that front, but we could do better. I'd rather eat out less, save our eating out money for special meals out and save the rest. Eating out/order in has gotten to be such a habit for me.

Nice job with your goals Sam. You are really on a roll.I'm curious about you maxing out your 2012 401ks already. Does your company let you contribute as much as you want at one time, or you guys have separate 401ks through some other source besides your job? Or...you just make a ton of $$, and that's cool. I wish I could max out a 401k so quickly.

We finally finalized our goals for 2012, two months into the new year.

$69,000 is a stretch, $9000 more than we saved last year. I also spent quite a bitof time working on our 2012 annual spending plan. Reworked it, checked the numbers, etc. I'm still tweaking, and plotting and planning how we can save more, but the plan is generally done. I'm thinking that the extra $9000 is going to come from our reduction in eating out and order in. I've been making progress on that front, but we could do better. I'd rather eat out less, save our eating out money for special meals out and save the rest. Eating out/order in has gotten to be such a habit for me.

Sam ,

Just curious , to save $69K in a year , what is your household income ? And what do you do for a living ?

Not part of our 2012 goals but we just, today, applied for a mortgage refinance for our primary home. Looking to go from a 25 year term mortgage (we are 4 years into it) at 4.8% to a 15 year term mortgage at 2.75%. If we are able to qualify and at this point that is dependent on the appraisal (its tough out there in So Fla), we will take 6 years of our mortgage term and save $181,000 versus our current loan.

Just spent an hour on the phone doing the application and we have a tone of work over the next few days to provide all the documentation (its much more document intensive than the last time around).